Hi,
I have an account at Coinbase. They have an ongoing promo called Coinbase Earn where, from time to time, they'll give you free cryptocurrency (i.e., tokens) if you spend a few minutes learning about their new tokens, etc. In 2021, Coinbase rewarded me with $40 in free tokens/cryptocurrency.
As near as I can tell, this is supposed to be 1099-Misc income. However, Coinbase doesn't send out a 1099-Misc unless you earn at least $600 for the year. How do I report this income in TurboTax? Can I tell TurboTax that have a 1099-Misc even though I didn't receive it? Will the IRS flag this as a discrepancy since they didn't receive a 1099-Misc from Coinbase?
Thanks,
RB
You can enter it as miscellaneous income.
If you did not receive a 1099-misc or W-2, then you can report this as miscellaneous income.
Select Federal Taxes, Wages & Income, I'll Choose What to Work On
Scroll to Less Common Income, and select Miscellaneous Income, 1099-A, 1099-C
Select Other Income not already reported on For W-2 or for 1099
Select Yes
Continue until you see Any Other Earned Income, and select yes, now on the next screen select other
Complete the information